Nikolas Sargeant
TL;DR
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Strive bought 1,375 BTC for approximately $109 million between August 31 and September 4.
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The company paid an average of $79,281 per bitcoin, increasing its holdings to 24,531 BTC.
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Sales of Strive’s SATA perpetual preferred stock supplied 70% of the capital raised during the week.
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Strive would need to acquire roughly 1,200 BTC weekly for the rest of 2026 to surpass Twenty One Capital, assuming its rival’s holdings remain unchanged.
Strive acquired an additional 1,375 bitcoin for approximately $109 million last week, increasing its total holdings to 24,531 BTC.
The company paid an average price of $79,281 per bitcoin between August 31 and September 4, according to a Form 8-K filing submitted to the U.S. Securities and Exchange Commission on Tuesday.
The purchase advances Strive’s effort to climb the ranking of publicly traded companies holding bitcoin on their balance sheets.
Strive is aiming to challenge Twenty One Capital for the second-largest public corporate bitcoin treasury position, excluding Strategy.
SATA Preferred Stock Funds Bitcoin Purchase
Strive CEO Matt Cole said sales of the company’s SATA perpetual preferred stock generated 70% of the capital raised during the week.
The number of SATA shares outstanding increased by 921,511 to almost 10 million. Their total notional value consequently approached $999 million, leaving the program close to the $1 billion threshold.
Cole highlighted the milestone in a post on X, saying it was time for the company to break through the billion-dollar level.
Strive acquired an additional 1,375 BTC for $109M at an average cost of $79,281 per bitcoin, bringing total holdings to ₿24,531.
— Matt Cole (@ColeMacro) September 8, 2026
70% of the capital raised last week came from $SATA, which now has $999M notional outstanding.
Time to break the billion-dollar wall.$ASST $SATA pic.twitter.com/qjjykekHTk
SATA traded around its intended par value of $100 following the announcement. Perpetual preferred stock does not have a fixed maturity date and can provide companies with long-term capital without issuing conventional debt. Strive is using the instrument as one of several funding sources for its bitcoin acquisition strategy.
Strive’s cash and cash equivalents increased from $183.5 million to $202.6 million during the week despite the $109 million bitcoin purchase.
The company also maintained its investment in Strategy’s STRC preferred stock. Its position remained unchanged at 505,000 shares.
Holding additional cash gives Strive flexibility to continue acquiring bitcoin or meet obligations associated with its preferred-stock programs.
The combination of cash, SATA issuance and other potential financing sources could support further purchases during the final months of the year.
Strive Chases Twenty One Capital
The latest acquisition keeps Strive on a possible path toward overtaking Twenty One Capital before the end of 2026.
With approximately 16 weeks remaining in the year, Strive would need to purchase roughly 1,200 BTC per week to move ahead of Twenty One. That estimate assumes Twenty One does not increase its own holdings.
At that pace, Strive would need to add about 19,200 BTC by year-end—considerably more than its latest weekly purchase.
Cole previously said finishing the year as the second-largest public bitcoin treasury was possible but was not the company’s base-case expectation.
The outcome will depend on Strive’s ability to raise capital, bitcoin’s market price and whether competing treasury companies continue accumulating the asset.
Cole identified Strive’s outstanding warrants as another potential source of capital for bitcoin purchases.
The company has more than $700 million in warrants outstanding. Cole estimated that their exercise could ultimately provide Strive with as much as $1.4 billion to deploy into additional BTC.
Strive’s shares briefly moved above the warrants’ $27 exercise price on Friday, reaching $27.27.
However, the stock fell 3.5% to approximately $26.20 shortly after Tuesday’s market opening. A sustained share price above the exercise level could encourage warrant holders to convert, potentially providing the company with additional cash.
The timing and size of any proceeds remain uncertain because warrant holders are not obligated to exercise their rights.
Bitcoin Pullback Affects Treasury Companies
Bitcoin recovered slightly to approximately $74,300 after falling to $73,700 earlier, its lowest price in six days.
The decline followed a rally that briefly carried BTC above $82,300 on Thursday.
Strive’s latest purchase price of $79,281 is therefore above Bitcoin’s current market value. This creates an unrealized loss on the newly acquired coins, although the company’s overall position depends on the average cost of its entire 24,531 BTC treasury.
Bitcoin treasury companies are highly exposed to the asset’s price fluctuations. Falling BTC prices can reduce the value of their holdings and pressure their share prices, while rallies can increase the value of their balance sheets.
Strategy, the largest publicly traded corporate bitcoin holder, did not buy or sell BTC last week.
The company continues to hold 845,050 BTC, keeping it far ahead of every other public bitcoin treasury firm.
Instead of buying more bitcoin, Strategy repurchased $176 million of its STRC preferred stock, according to Executive Chairman Michael Saylor.
The company also doubled the size of its Digital Credit Securities Repurchase Program from $1 billion to $2 billion. Strategy held $6.5 billion in U.S. dollar assets as of September 7.
The decision suggests that Strategy temporarily prioritized supporting its credit securities and maintaining liquidity rather than adding to its already substantial bitcoin position.
Strive, meanwhile, remains in an active accumulation phase as it attempts to close the gap with Twenty One Capital.
